ISLAMABAD / KARACHI / PESHAWAR / LAHORE / QUETTA / MUZAFFARABAD: The novel coronavirus emerged in the central China city of Wuhan towards the end of last year and proliferated to almost the whole world within a couple of months. It’s not the virulence or fatality, but the infectivity of the new virus – also known as SARS-CoV-2 – that…
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Oil and gas companies, as well as the retail industry, are the worst hit sectors in the COVID-19 pandemic that swept through businesses in Texas, bankruptcy and restructuring lawyers say. According to data provided exclusively to The Texas Lawbook by Androvett Legal Media research, more than 545 companies of all sectors in Texas filed for Chapter 11 protection from creditors…
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The oil market has had a month of significant recovery. Since the historic cuts by Saudi Arabia and Russia took hold, and the US shale industry began to contract, crude prices have jumped around 70 percent and seem to have established a “floor” at $30 a barrel and a trading range of around $35. That is nowhere near enough for…
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The Belgrade waste-to-energy project in Vinča, which will provide the 1.7 million inhabitants of the Serbian capital with a modern waste management system, has reached financial close. As all the conditions of the financing agreement have now been fulfilled, lenders are starting loan disbursements to support the timely implementation of the project. The new facility will replace Europe’s largest unmanaged…
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SINGAPORE/SHANGHAI (Reuters) – Chinese financial investors betting on a rebound in oil prices are filling commercial storage tanks held by the Shanghai futures exchange just as fast as the exchange can find them. Despite a more than doubling of storage capacity over the past six weeks to 57 million barrels, with tanks sourced from state and private refiners, nearly all…
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Qatar is forging ahead with the expansion of the world’s largest liquefied natural gasproject and eyeing investment opportunities overseas despite a slump in global energydemand and the collapse of oil prices.Saad al-Kaabi, the country’s energy minister and chief executive of Qatar Petroleum,said commercial bids for the project in the North Field, the planet’s biggest naturalgasfield, would be delayed because of…
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The United States has turned into the world’s swing producer of liquefied natural gas (LNG) as liquefaction capacity has tumbled in recent months amid an LNG glut, low prices, and weak demand in the pandemic, IHS Markit said in a recent analysis. Before the COVID-19 pandemic, the LNG market was already oversupplied because of gushing new liquefaction capacity from the…
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Little-known Chinese hedge funds are betting big on an oil price recovery on the Shanghai-traded yuan-denominated oil futures and are set to fill up all available storage for delivery of those futures by the end of next month, industry sources told Reuters on Monday. The financial investors—hedge funds backed by rich individuals—are dubbed ‘hermit’ investors by a state oil official,…
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An Iranian tanker carrying 43 million liters (11.3 million gallolns) of gasoline to fuel-starved Venezuela has arrived at El Palito, Venezuela, TankerTrackers reported on Monday. In a tweet on Monday morning TankerTrackers.com said Fortune which loaded 43 million liters of gasoline in mid-March at Shahid Rajaee Port in the Persian Gulf had docked at the refinery of El Palito, Venezuela,…
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A coal power plant in North Dakota wants to build the largest ever carbon recapture facility as a way to try to keep its plant viable. Could the plan really work? Minnkota Power Cooperative in Grand Forks, North Dakota owns both the plant, the Milton R. Young Station, and the new facility, Project Tundra. Minnkota says its efforts to sequester…
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